---
title: "General Configurations"
description: "The General Configurations workspace provides essential system-wide settings that establish the foundational parameters for your lease accounting processes."
source_url: https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/general-configurations-la
language: en
last_updated: 2023-08-16
---
# General Configurations

## Overview

The **General Configurations** workspace provides essential system-wide settings that establish the foundational parameters for your lease accounting processes.

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The general configurations must be completed before you can create your first contract components, as they define critical operational parameters that cannot be modified once lease data collection process begins.
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## The ‘General Configurations’ Workspace

The **General configurations** workspace allows you to enter the **start of fiscal year** and **transition date** for your lease accounting setup:

The 'General Configurations' Workspace

## Start of Fiscal Year

The **Start of fiscal** **year** option defines when your organization's fiscal year begins, which is essential for accurate lease accounting calculations and reporting periods.

## Transition Date

The **Transition date** specifies the month and year when your organization transitions to IFRS 16 lease accounting standards. This is typically the date you first apply the standard, marking the starting point for recognizing lease liabilities and right-of-use assets in your financial statements.

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The **Start of fiscal year** and **Transition date** fields become disabled and cannot be changed once the first component is created.
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